Indiana Business Umbrella Insurance
When a local adviser is necessary
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Candace Jenkins is a licensed insurance advisor with over a decade of experience. She is also a writer and loves to write on all things insurance. Candace writes for TrustedChoice.com on a continuous basis and is here with the facts about all your insurance inquiries.
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Jeff Green has held a variety of sales and management roles at life insurance companies, Wall street firms, and distribution organizations over his 40-year career. He was previously Finra 7,24,66 registered and held life insurance licenses in multiple states. He is a graduate of Stony Brook University.
In 2019, Indiana had $6,780,466,000 in commercial claims paid alone. If you're operating without business umbrella insurance, you could be at risk. Some claims could put you into financial ruin without adequate protection.
An independent insurance agent has access to several markets so that you have options. They work on your behalf at zero cost making it a no-brainer. Connect with a local expert for tailored quotes.
What Does Commercial Umbrella Insurance Cover?
In Indiana, commercial umbrella insurance will pay for the legal fees associated with a larger claim. It will protect your bottom line when you need it most. Take a look at some things commercial umbrella insurance can provide coverage for.
- A lawsuit arising out of slander
- A lawsuit arising out of libel
- A lawsuit arising out of defamation of character
- A lawsuit arising out of bodily injury
This policy will apply when your underlying liability coverage is exhausted. When you have a loss that gets out of control, it could cost millions. Commercial umbrella insurance starts at $1,000,000 in protection and goes up from there.
Commercial Umbrella Insurance Quotes and Average Cost
Your Indiana commercial umbrella insurance costs will be specific to your situation. Carriers look at numerous risk factors when determining your pricing. Check out the following items companies use to rate.
- Your insurance score
- Your claims history
- Your address
- Your assets
- Your gross business income
- Local weather patterns
- The industry you are in
- Your experience level
The average cost of commercial umbrella insurance
- Commercial umbrella insurance average: $1,000 annually with a $1,000,000 limit of protection
Like any other business policy, your commercial umbrella costs will vary from entity to entity. The more risk you transfer to the carrier, the more expensive your policies will be. Get multiple quotes to find out your exact premiums.
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Commercial General Liability Insurance vs. Umbrella Policy
A general liability policy is separate from your business umbrella insurance. Similar to a commercial auto policy, each will be a stand-alone coverage that works in conjunction with one another.
How they work together
- General liability insurance: Pays for a lawsuit arising out of bodily injury, property damage, libel or slander.
- Commercial umbrella insurance: Pays for a lawsuit arising out of bodily injury, property damage, libel or slander. This is a continuation of liability coverage when a larger claim occurs.
In Indiana, your commercial umbrella insurance is necessary to avoid a substantial loss. It is another form of protection in addition to your general liability coverage. Both are needed for adequate insurance.
Commercial Umbrella Insurance for Rental Properties
There are specific policies that an Indiana rental property would need. First, landlord insurance must be obtained. Once you have proper underlying limits, you can add the rental to your business umbrella policy.
Your landlord insurance will have to meet specific limits of protection to qualify for umbrella insurance. Proof of underlying coverage will need to be supplied to the carrier. They will then extend additional liability insurance to that rental investment.
Stand-Alone Commercial Umbrella Insurance
Indiana had 552,4122 commercial losses. The threat of a large liability claim is high. Commercial umbrella insurance can help mitigate any potential risk.
It is unlikely that you will be able to obtain a business umbrella policy on its own. Carriers will not usually provide protection without also insuring the underlying business insurance exposure. This allows the companies to handle a loss better and more efficiently.
How to Connect with an Independent Agent in Indiana
If you own and operate a company out of Indiana, the right policies can make all the difference. When your business is exposed, you'll have a greater chance of closure. A commercial umbrella policy will help cover any losses that could leave you financially liable.
An independent insurance agent has access to multiple carriers so that you can choose the best coverage. Since they do the shopping, you can save time and premium dollars. Connect with a local expert on TrustedChoice.com in minutes.